Colorado banks turning away marijuana dispensary money

By: John Ingold
February 1, 2010
0

Wells Fargo & Co. — which medical-marijuana dispensary owners say is virtually the only bank in Colorado willing to take their business — has stopped opening new accounts for dispensaries.

Cristie Drumm, a spokeswoman for the banking giant, said Wells Fargo is examining state and federal laws to determine what the bank's risk is in working with dispensaries.

"We're not actively opening accounts with these businesses at this time," she said.

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